Lander, officials call for credit card firms to track gun sales
Pension funds have millions invested in Amex, Mastercard, Visa
New York City Comptroller Brad Lander and Mayor Eric Adams have called on American Express, MasterCard and Visa, three of the world’s largest credit card companies, to support a proposal to establish a merchant category code (MCC) for gun and ammunition stores.
And as part of the effort, three huge New York City pension funds that hold stock in these credit card companies are using the “power of the purse,” which in this case amounts to several hundred million dollars.
The creation of a new code would help financial institutions detect and report suspicious activity, such as unusually large purchases of firearms or ammunition, or purchases from multiple stores, that might be used for criminal purposes, according to Lander.